The buy, which breaks down to $90 per share, would flip DLJ fromAXA SA of Paris, which holds roughly 70%, and do so at roughlythree times the book value. The inflated price is being attributedto the interest in DLJ expressed by various competitors, such asLehman Brothers.

| is currently fleshing out how precisely the buywould affect the commercial real estate investment market and theglobal strategies of CSFB over the coming months. Also underinvestigation is the impact that Wall Street mergers will have onthe industry. More to follow.

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.